Thanks to Google I managed to find a restructuring plan that was created in the beginning of 2009 when SALM was facing a liquidity crisis due to the maturing bonds. The document contains background on the company, operational and strategic analysis, a comparison with competitors and also a liquidation analysis. The plan proposed in the document (divestitures, debt for equity swap) was not executed because SALM managed to refinance it’s debt, but it’s worth reading anyway.

Disclosure

Author is long SALM